Monetary Authority of Singapore Annual Report 2012/2013

A ROBUST FINANCIAL CENTRE

Enhancing the RMB infrastructure in Singapore

On 2 April 2013, PBC and MAS signed a Memorandum of Understanding (MOU) on RMB Business Cooperation, while PBC and Industrial and Commercial Bank of China (ICBC) Singapore branch signed a RMB clearing agreement to formalise the clearing arrangements. On 27 May 2013, ICBC Singapore commenced its RMB clearing services in Singapore. Having a RMB clearing bank in Singapore is a significant milestone for Singapore as it provides financial institutions in Singapore the opportunity to play a greater role in intermediating the growing trade and investment flows between China and the rest of the world. With the build-up of RMB liquidity in Singapore, a wider range of RMB products and services will be offered by financial institutions in Singapore to better meet the financing, investment and risk management needs of the market. MAS will continue to work with the industry and our partners to develop the broader RMB ecosystem, ensuring a sound and vibrant growth of this new market.